NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Thursday, March 27, 2025

The Nifty closed at 23,591.95, gaining 105.10 points (+0.45%). The positive trend is expected to continue if the index sustains above the 23,550 level. In the previous session, Nifty opened with a negative bias at 23,433.90 but gradually gained momentum, reaching an intraday high of 23,646.40 before closing near the day's high. Most sectors, except auto and pharma, ended on a positive note, with PSU banks, media, realty, and financial services leading the gains. Market breadth remained negative, with 1,214 stocks advancing, 1,602 declining, and 73 unchanged. Among Nifty constituents, HEROMOTOCO, BAJAJFINSV, INDUSINDBK, and ADANIENT were the top gainers, while TATAMOTORS, SUN PHARMA, EICHERMOT, and BHARTIARTL were the biggest losers.

Technically, momentum indicators suggest continued strength, with the index holding above its short-term moving averages. Additionally, Nifty formed a white candle after two consecutive black candles on the daily chart, closing near the session’s high—indicating a potential shift in momentum toward the bulls. The immediate support level is at 23,550.  If the index remains above this level, the bullish trend is likely to continue. On the upside, 23,800 serves as the next resistance level, and a close above this could signal further upside momentum.

Intraday Levels: Support: 23,550, 23,475, 23,400 Resistance: 23,650, 23,750–23,865 (15-Minute Charts)

Positional Trading: Short-term Support: 23,250–22,680 Resistance: 23,800–24,225

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, Bank Nifty closed at 51,575.85, gaining 366.85 points. Technical indicators suggest a positive trend, with the index holding above its short-term moving averages. Additionally, the formation of a long white candle on the daily chart and a close near the session’s high signal strong bullish momentum.

On the downside, 51,500 serves as immediate intraday support. If the index sustains above this level, the bullish trend is likely to continue. However, to confirm a stronger uptrend, Bank Nifty must close above 51,750.

Key Levels: Intraday Support: 51,500, 51,250, 51,050 Intraday Resistance: 51,700, 51,900, 52,100

Positional Support: 50,600–49,750 Positional Resistance: 51,750–53,000